The World Bank in partnership with the Bank of Industry will provide a $158m fund to 650,000 Micro, Small and Medium Enterprises in Nigeria.
According to the BoI Growth Platform’s Aid for Productivity Report, the fund will be dedicated to loan subsidies, operations grants, and tech-support grants for vulnerable MSMEs in 30 participating states.
The report was co-authored by the BoI Executive Director, Toyin Adedeji, and Chief Operating Officer of the Growth Platform, Uzoma Nwagba.
It chronicles the development, impact, and future of BoI’s growth platform.
The report said, “Owing to the dynamic potential and proven track record of the Growth Platform, as well as the team’s existing participation in COVID-19 relief schemes, the World Bank has partnered with the platform to manage and deliver ‘Result Area 3’: a $158m fund dedicated to loan subsidies, operations grants, and tech-support grants for 650,000 vulnerable MSMEs in 30 participating states.
“The programme will harness the Growth Platform’s well-established infrastructure and expertise, from the initial profiling of businesses to the disbursement of grants.
“These grants aim to cushion the economic impact of COVID-19 on struggling businesses, as well as build their resilience by expanding their access to digital technology and operational support.”
